The total number of dwellings approved rose 1.9 per cent in March (seasonally adjusted), after a 0.9 per cent decrease in February, according to data released today by the Australian Bureau of Statistics (ABS).
Daniel Rossi, ABS head of construction statistics, said: "Approvals for private houses rose 3.8 per cent."
"Approvals for private sector dwellings excluding houses rose 3.6 per cent in March in seasonally adjusted terms, following a 12 year low in February."
Total dwelling approvals rose in Victoria (3.2 per cent) and Western Australia (1.5 per cent). Meanwhile, Tasmania (-18.1 per cent), South Australia (-7.0 per cent), Queensland (-5.2 per cent), and New South Wales (-1.2 per cent) fell in March.
Approvals for private sector houses rose in Victoria (6.0 per cent), New South Wales (4.0 per cent), Queensland (3.2 per cent), and South Australia (1.1 per cent). Only Western Australia (-1.8 per cent) saw a March decrease.
The average approval value for a new house continued its annual rise in March 2024, to $468,800 per house. This was 4.2 per cent higher than the average value in March 2023, although the pace of growth in average approval values has slowed. Higher construction costs continue to weigh on dwelling approvals, with the average approval value for a new house rising in all states.
By state, average approval value compared to a year ago rose the most in Queensland (10.1 per cent), followed by Western Australia (4.2 per cent), New South Wales (3.5 per cent), Victoria (3.5 per cent), and South Australia (0.4 per cent).
The value of total building approved rose 15.9 per cent, following a 16.8 per cent decrease in February. The value of total residential building rose 8.3 per cent, comprised of an 8.7 per cent increase in new residential building and a 6.1 per cent rise in alterations and additions.
The value of non-residential building rose 28.7 per cent, after a 16.8 per cent February fall.
